Report Cover Page

Contents

Where are we in the Cycle?
The first signs in many months of an improved cyclical position have appeared. There has been evidence of base metal markets being more advanced in their cyclical rebalancing than their price action had implied.    Now, stronger iron ore and oil prices and some respite from a rising US dollar are helping although all of these benefits could easily prove transitory. More...

Market Directions
Market influences were mixed with improved commodity prices helping resources sector equities but higher European and US bond yields detracted from overall equity market outcomes. Uncertainties about Australian policy settings pushed the broader Australian market lower.       More...

Portfolio Performance and Positioning
The exploration end of the resources equity market continues to find gains hard to sustain. Large swings in price are reflecting trading near the bottom of the cycle in stocks with very strong leverage to relatively minor changes in conditions . There were no changes to recommended portfolio positions.   More...

Stock Reviews and Rating Analysis More...

Naracoota Resources Limited (NRR:AU)
Rimfire Pacific Mining NL (RIM:AU) ~ update
Phoenix Gold Limited (PXG:AU) ~ update

DAILY BRIEFING: The PortfolioDirect market diary offers brief thoughts on current issues affecting sector investment strategies.

Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed.

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice. The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

No references to past investment performance should be taken to indicate anything about future performance.

This communication is directed only to Australian wholesale investors and licensed financial advisers for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of a security.